How Insurance Automation is Disrupting an Industry

How Insurance Automation is Disrupting an Industry

The insurance industry is outdated and ripe for change.

Many of the processes and sub-processes behind claims, billing, adjustments and policy issuances rely on legacy systems that have been in place for years. Historically, insurers have been reluctant to change existing systems, regardless of their efficiency. However, the recent explosion in growth of insurtech is rapidly changing this. Savvy insurance companies are quickly realizing that they need to adopt the latest tools to stay ahead of the competition. One such tool is Robotic Process Automation (RPA), an insurance automation technology that allows insurers to speed up some of the most time-consuming processes at their company to drive efficiency.

How can Robotic Process Automation assist insurers?

It’s important for insurers to keep their customers happy with smooth claims, policy and billing processes. Customers rely on providers to process claims, adjust fees, and deliver billing in a timely manner. However, there are ways to automate these tasks from end-to-end without replacing or changing the way these systems are currently set up.

It comes down to efficiency in the face of changing variables. Prescription drug updates or changes, claims volume, time to adjust fees, or time to issue new policies – these are examples of areas where providers can lose the loyalty of their customers by not reacting quickly enough. Take the claims process, for example. Once a claim comes in, the fee typically needs to be adjusted (usually by an employee manually doing it) for it to be processed and issued on time. If claim volume suddenly increases, providers will have to allocate human capital towards that process in order to keep on pace. Automating issuances can help insurers react to that spike, allowing human capital to stay allocated where it is most needed, save money and keeping customers happy.

With an RPA solution like Foxtrot by EnableSoft, the fundamental processes behind these events stay the same, but the manual labor required is reduced. The transferring of data between systems, when done by hand, can result in significant operational inefficiencies and errors, leading to internal disruption and poor customer experience.

What insurance automation means for the industry.

Implementing RPA in the insurance industry doesn’t mean it rips and replaces any legacy systems already in place. RPA tools like Foxtrot by EnableSoft are agnostic, and can operate within current environments with little to no disruption. RPA is a perfect solution for providers that operate in siloed systems. RPA will help insurers create an upgraded, more in-sync system across multiple departments without a disruption time in their customer-facing processes. RPA tools like Foxtrot by EnableSoft are powerful to insurers because they have a direct impact on customer experience, and internal operations.

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